Capital One has announced its plans to acquire Discover Financial Services for $35.3 billion, creating a merger between two major US lenders and credit card issuers. The deal aims to combine their strengths and accelerate growth. Capital One’s CEO, Richard Fairbank, sees the acquisition as an opportunity to work directly with merchants, leveraging their customer base, technology, and data to drive sales and provide better deals to consumers and small businesses. Discover’s CEO, Michael Rhodes, believes the merger will enhance both brands’ growth potential and create value for shareholders. If the acquisition goes through, Capital One would become the largest US credit card company by loan volume. However, consumer rights advocates expect regulatory scrutiny, and opposition from retailers is also anticipated. The Biden administration has prioritized tougher antitrust enforcement, and the US Justice Department has expressed plans to enhance its review process for bank mergers.